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“MOST HATED MAN’’ SHKRELI CONVICTED OF FRAUD

9 August 2017

Former pharmaceutical chief executive Martin Shkreli, once dubbed America’s most hated man, has been found guilty of three counts of securities fraud after being investigated by the FBI.

He was on trial in relation to a drug company he previously headed, Retrophin, and a hedge fund he managed.

Over the course of a five-week trial, jurors heard how Shkreli lied to investors about the performance of two hedge funds, MSMB Capital and MSMB Healthcare. He then stole from Retrophin, his pharmaceutical company, to pay investors back.

FBI investigator William Sweeney praised the conviction, saying that Shkreli had "misled investors in his self-indulgent scheme".

Shkreli, 34, was branded "the most hated man in America" in 2015 when his firm hiked the price of a medication used by Aids patients. Overnight, the price rose from $13.50 to $750 per dose.

But regardless of his notoriety, the fact that he has been convicted of securities fraud underlines the need for all potential investors and trading partners to carry out proper checks on anyone seeking investment from them.

Read our article: IDENTIFYING AND INVESTIGATING INVESTMENT FRAUD


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